A Rising Tide Lifts All Boats: The Argument for Increasing the Minimum Wage

By Jimmy Esposito – Candidate for NJ 30th District Assembly

Let’s be selfish. For once, let’s be out-and-out, unabashedly, wholeheartedly selfish – and RAISE the minimum wage.

If you think this doesn’t impact you because you earn more than the minimum wage, consider this:

Raising the minimum wage has a domino effect, whereby the people on the lowest rung of the economic ladder are better able to participate in our economy. As they spend more for necessities and non-necessities, more money circulates back into the economy, invigorating commerce and positively impacting wages on all levels.

According to a 2011 Chicago Federal Reserve Bank study: For every dollar increase in the minimum wage there is $2,800.00 in new consumer spending by that household the following year. This has an enormous impact on local economies, and directly impacts each and every one of us.

In Monmouth and Ocean Counties, we are blessed to have many national franchises in our neighborhoods. They provide jobs and give back to the community by contributing to service-based organizations. But until they start increasing wages for people at the bottom of the scale, we will continue to have economic instability in our midst. People cannot survive on minimum wage in our district. What incentive is there for hardworking people to work for minimum wage when it doesn’t come close to paying the monthly bills?

But, as I said, let’s not raise the minimum wage for others’ sake. Let’s do it for ourselves. After all, our boats need a lift as well.